Crypto investor charged with kidnapping, torturing an Italian for passwords

A Manhattan crypto investor, John Woeltz (37), faces serious charges following his arrest for allegedly kidnapping and torturing a 28-year-old Italian man in a Soho townhouse. The victim, who arrived in the US on May 6th, was held captive for weeks. Woeltz and an accomplice allegedly stole his passport and electronics, demanding his Bitcoin wallet password. Upon refusal, the victim endured prolonged abuse, including beatings, electric shocks, firearm assault, and being dangled from the five-story building’s upper floors. Woeltz allegedly cut the victim’s leg with a saw and forced him to consume crack cocaine, also issuing threats against his family. Polaroid photos found at the scene corroborate the victim’s claims.

The victim escaped on Friday, leading to Woeltz’s arrest and arraignment on Saturday. He was charged with four felonies, including kidnapping for ransom, and pleaded not guilty. The judge ordered him held without bail, with a return court date set for May 28th. A 24-year-old woman was also detained but released without charges. Authorities haven’t confirmed the suspects’ relationship with the victim or whether any cryptocurrency was stolen.

This incident highlights a concerning trend: a surge in violent crimes targeting crypto investors. The case mirrors other recent high-profile attacks, prompting increased security concerns within the industry. Executives and investors are increasingly seeking personal protection services, particularly in France, where such incidents have spiked. Infinite Risks International, an Amsterdam-based firm, reported a rise in bodyguard and long-term protection contract requests from crypto figures. French authorities have implemented enhanced security measures for crypto entrepreneurs and their families, including security briefings and prioritized police assistance. Previous incidents include the January 2025 kidnapping of Ledger co-founder David Balland and a May 2024 ransom attempt against the father of an unnamed crypto entrepreneur, both resolved by French law enforcement. The escalating violence underscores the growing risks associated with high-profile involvement in the cryptocurrency industry.